Global Infrastructure Partners, an investment firm, acquired Atlas Renewable Energy, a solar project developer, from Actis, a private equity firm. Atlas is the second largest independent renewables developer in Latin America, with 14 fully contracted solar assets producing 2.3 GW of installed capacity across Brazil, Chile, Mexico, and Uruguay.
Atlas Renewable Energy has been developing, financing, constructing, and operating renewable energy projects throughout the Americas since early 2017. The company’s strategy is focused on helping large corporates make the energy transition to 100% clean energy.
Ronnie Hawkins, Partner of GIP Emerging Markets, said: “We are pleased to announce the acquisition of Atlas Renewable Energy, which further enhances GIP’s leading global renewables franchise. Atlas adds a large-scale Latin American platform to our solar, wind, and battery storage assets in North America, Europe, and Asia. We look forward to supporting Atlas’ management team and leveraging GIP’s extensive experience and relationships to further scale the solar business across other renewable technologies.”
Michael Harrington, Actis Partner and Head of Americas, added: “We are immensely proud of the Atlas platform and organization. Building it has called upon our experience and networks across the global renewable energy industry to take it from a restructuring process, to creating one of the region’s largest independent renewables businesses and a global sustainability leader. The sale of Atlas marks our fifth renewable platform exit in the Americas, where we have now built and owned over 7 GW of contracted wind and solar capacity, making Actis one of the largest private investors in the energy transition of the region.”
According to Mercom’s 1H and Q2 2022 Solar Funding and M&A Report, in 1H 2022, there were 53 solar M&A transactions compared to 54 transactions in 1H 2021. NovaSource Power Services, an O&M services provider, recently announced the expansion of its global operations into Australia with the acquisition of the Australian O&M assets of First Solar.